Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Hyperliquid against Bybit+0.193%7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$1011.010% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now +0.193%, 7d avg +0.132%

Together, before fees−0.020%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.061% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.132%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZKUSDT	0.01193	0.0100	pay 0.0050% / 4h	3h 55m	$5.2M	$2.4M	25x
Short	Hyperliquid ZK	0.01195	0.0100	get 0.0013% / 1h	55m 25s	$593K	$166K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee HyperliquidbpOrdersPrice spread, now +0.193%Rate

Funding earned: $0
Price spread: +0.193% → +0.132%: $6.08
Slippage, 4 orders: −$81.04
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$94.96
Costs to cover: 1.010%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 64 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 2 min ago	5.41 bp	30.8 bp −$31	151.6 bp −$1,516	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 64 min ago	2.11 bp	18.1 bp −$18	doesn't fit	doesn't fit	doesn't fit

ZK on 17 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.903%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01195	+0.176%	$128K	$186K	8x	as long as short
Hyperliquid ZKshort	+0.0100%	1h	0.01195	+0.193%	$593K	$166K	5x
Aster ZKUSDT	+0.0100%	4h	0.01195	+0.157%	$33K	$23K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01193	+0.025%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01193	+0.059%	$4.9M	$7.9M	75x	as long as short
Bybit ZKUSDTlong	+0.0100%	4h	0.01193	long leg	$5.2M	$2.4M	25x
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01191	−0.117%	$1.0M	$2.1M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01194	+0.109%	$304K	$256K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01194	+0.109%	$969K	$1.7M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01194	+0.109%	$1.4M	$897K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01193	+0.042%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01194	+0.126%	$58K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01196	+0.269%	$156K	$2.1M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01195	+0.193%	$8K	$628K	50x	as long as short
BloFin ZK-USDT	+0.0139%	4h	0.01195	+0.176%	$160K	$19K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.3546%	1h	0.01202	+0.787%	$210K	$47K	25x	as long as short